Financial Backing of U.S. Well Services Seen as Step Closer to True U.S. Energy Independence
Layton Corporation announced today it has signed an agreement to back U.S. Well Services, a newly formed pressure pumping company based in Houston and operating in the Marcellus and Utica trends in the Northeast United States.
Layton Corp. has agreed to provide financing to U.S. Well Services in excess of $100 million, provided the company achieves certain performance milestones. Layton Corp. will also provide operational and managerial support.
“We are very excited to be gaining exposure to the Northeast U.S. region, which will play an important role in the future of U.S. energy development,” said Daniel T. Layton, a Houston-based energy investor, financier and CEO of Layton Corporation. “Layton Corporation believes backing U.S. Well Services is not only economically important, but will also play a vital role in creating a greater energy independence for America. Layton Corp. could not be more pleased with the management team assembled to run U.S. Well Services. With their decades of experience in pressure pumping and their knowledge of the region, we believe the company is positioned to become a leader in the Northeast.”